XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

Note H - Derivative Financial Instruments (Tables) | 3 Months Ended
--- | ---
Jun. 30, 2021
Notes Tables |
Schedule of Derivative Instruments [Table Text Block] |
| Asset Derivatives |  | Liability Derivatives |
| Balance Sheet |  |  |  |  | Balance Sheet |  |  |  |
Derivatives designated as cash flow hedges: | Location |  | Fair Value |  | Location |  | Fair Value |
Hot-rolled coil steel contracts hedging purchases | Other current assets |  | $ | 1,686,400 |  |  |  |  |  |
Hot-rolled coil steel contracts hedging sales | Other current assets |  | $ | 200 |  | Current portion of derivative liability |  | $ | 24,572,920 |
Hot-rolled coil steel contracts hedging sales |  |  |  |  |  | Other non-current liabilities |  | $ | 1,127,600 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Hot-rolled coil steel contracts | Other current assets |  | $ | 500 |  | Current portion of derivative liability |  | $ | 2,953,960 |
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet |  |  |  |  | Balance Sheet |  |  |  |
Derivatives designated as cash flow hedges: | Location |  | Fair Value |  | Location |  | Fair Value |
Hot-rolled coil steel contracts hedging purchases | Other current assets |  | $ | 530,640 |  |  |  |  |  |
Hot-rolled coil steel contracts hedging sales | Other current assets |  | $ | 91,760 |  | Current portion of derivative liability |  | $ | 7,890,700 |
Hot-rolled coil steel contracts hedging sales |  |  |  |  |  | Other non-current liabilities |  | $ | 50,420 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Hot-rolled coil steel contracts |  |  |  |  |  | Current portion of derivative liability |  | $ | 88,680
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
|  | Pre-Tax Loss |  | Location of Gain (Loss) Reclassified |  | Pre-Tax Gain (Loss) Reclassified from |
|  | Recognized in AOCI |  | from AOCI into Net Earnings |  | AOCI into Net Earnings |
Hot-rolled coil steel contracts |  | $ | (32,807,460 | ) | Sales |  | $ | (5,098,020 | )
|  |  |  |  | Costs of goods sold |  |  | 1,582,200 |
Total |  | $ | (32,807,460 | ) |  |  | $ | (3,515,820 | )
Not Designated as Hedging Instrument [Member] |
Notes Tables |
Derivative Instruments, Gain (Loss) [Table Text Block] |
|  |  | Loss Recognized in Earnings |
| Location of Loss |  | for Quarter Ended |
| Recognized in Earnings |  | June 30, 2021 |
Hot-rolled coil steel contracts | Other income, net |  | $ | (1,388,960 | )
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] |
Notes Tables |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
|  | Gain (Loss) on |
|  | Derivatives |
Balance at March 31, 2021 |  | $ | (11,187,841 | )
Other comprehensive loss, net of income, before reclassification |  |  | (16,359,735 | )
Total loss reclassified from AOCI (1) |  |  | 2,666,398 |
Net current period other comprehensive loss |  |  | (13,693,337 | )
Balance at June 30, 2021 |  | $ | (24,881,178 | )

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |